Damac Towers by Paramount project in Dubai ‘85% complete’

Damac, the Dubai-based real estate and property developer, has said that its Damac Towers by Paramount Hotels and Resorts, a four-tower, 250m-high luxury apartment project, is nearing completion.

In a statement, the company said that the project is making good progress and is at 85% completion, with superstructure works 100% finished, and internal finishes, facades, MEP works, carpentry and joinery works nearing completion.

The project has been developed in conjunction with the US-owned Paramount Hotels and Resorts, and is based in Dubai’s Burj area. It comprises of four towers stretching 250m high, with units of one, two and three bedrooms, all designed to be luxury serviced apartments in the style reminiscent of classic Paramount Pictures movies.

“Bringing a Hollywood-inspired lifestyle to Dubai to an iconic development in the heart of the city, Damac Towers by Paramount Hotels & Resorts offers everything that discerning residents look for in a premium and fashionable living space – from easy access to high-end shopping and dining experiences, to all the luxuries that come as part of the Paramount brand,” said Niall McLoughlin, senior vice-president of Damac Properties.

The project will offer more than 1,900 units to investors, including the hotel. It has a total saleable area of approximately 2 million square feet. The statement added that Damac Properties is selling units in three of the towers, which will be operated under the Damac Maison brand.

One tower will contain a five-star hotel which will be operated Paramount Hotels and Resorts, it added. This hotel will contain 800 rooms, and these will be managed under a rental pool scheme.

Overall, the development has an estimated sales value of $1.35 billion.

The collaboration between Damac Properties and Paramount covers a number of projects, including the $500 million Paramount Tower Hotel and Residences, which is located on Sheikh Zayed Road. China State Construction Engineering Corporation (Middle East) was awarded a $150.8 million contract to build the 27-floor residential project.